All Forum Posts by: Kyle Murphy

I believe the rules for owner-occupied financing relies on the intent of the buyer. I'd confirm with your lender to be sure. 

You can get the existing tenant out with 120 day's notice if you plan to occupy the unit. Below is from the city website for tenant protection program. 

Owner move-in. After providing at least 120 days’ advance written notice to the tenant, the
landlord seeks to recover possession of the rental unit for use and occupancy as landlord’s primary residence or the primary residence of a member of landlord’s immediate family for at least 12 months. In this case, landlord must be a natural person with at least 51% ownership of the rental unit.

This thread seems relevant and might help:

https://www.biggerpockets.com/...

I'd also see if there are any comps you can pull from the MLS. Given how new this is in Sac it might be difficult to find at this point. You can also challenge the appraisal with the bank or try another lender.

Did you add any sq ft to the property or did you just convert a SFR into a 2 unit? Out of curiosity, what was the appraiser's reasoning for not including the entire square footage?

@Joe Bertolino thanks for providing that additional color. I really appreciate your thoughts on this.

@Joe Bertolino when you say path of progress, what trends are you seeing and where do you see the epicenter? I see a general trend south from oak park and Tahoe park, but I know that’s pretty high level.

@Kelsey Bailey thanks Kelsey. Curious what it is about the area that is causing it to change more slowly. Talac Village seems to have appreciated quite a bit, which is just one neighborhood over.

I’m currently in contract on a duplex in the 95824 zip code near Fruitridge and Stockton Blvd. Curious if any Sacramento investors or property managers have any thoughts on this area or feel particularly bullish / bearish on it. Driving around a bit I saw a brand new Starbucks just opened up, which is probably a good sign for the neighborhood to start / continue changing. Any insight is very much appreciated!

@DJ Dawson would love to hear what happened on your flip in 95824. I’m looking at a property there now.

If those are the only two areas you're considering, I'd say Folsom is nicer than Elk Grove, and probably has better schools, but Elk Grove is lower price point and increasing quickly. One thing you should know about Elk Grove is the lack of good dining options. Almost all mediocre chain restaurants. I can't speak to Folsom dining / quality of life, but would guess it beats EG.